The U.S. Economy: Are Analysts Missing the Point?

ABSTRACT The conventional view on the U.S. economy is that economic growth above “potential” is bad for bonds since it spells inflation. The purpose of this note is to show that following the Volker deflation (l980-82), the policy regime changed, and greater economic stability obtained.摘要 针对美国经济的主流认知认为，若经济增速超出潜在水平，将对债券市场构成利空，因其会催生通胀。本短评旨在说明：在1980-1982年沃尔克通缩（Volker deflation）之后，政策框架发生了转变，经济稳定性也随之显著提升。